Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira Sells 521,840 Shares

Rackspace Technology, Inc. (NASDAQ:RXT) CEO Amar Maletira sold 521,840 shares of Rackspace Technology stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $975,840.80. Following the sale, the chief executive officer now owns 4,368,328 shares of the company’s stock, valued at approximately $8,168,773.36. This represents a 10.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Amar Maletira also recently made the following trade(s):

• On Monday, March 3rd, Amar Maletira sold 38,355 shares of Rackspace Technology stock. The stock was sold at an average price of $2.37, for a total value of $90,901.35.

Rackspace Technology Stock Performance

RXT opened at $1.87 on Friday. The business has a 50 day moving average price of $2.48 and a 200 day moving average price of $2.48. Rackspace Technology, Inc. has a twelve month low of $1.45 and a twelve month high of $3.41. The firm has a market cap of $425.55 million, a P/E ratio of -0.48 and a beta of 2.05.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.02. The company had revenue of $685.60 million during the quarter, compared to analyst estimates of $674.85 million.

Institutional Investors Weigh In On Rackspace Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its holdings in Rackspace Technology by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company’s stock worth $1,317,000 after purchasing an additional 5,136 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Rackspace Technology by 24.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,807 shares of the company’s stock worth $60,000 after buying an additional 5,214 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of Rackspace Technology by 50.6% during the fourth quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock worth $42,000 after buying an additional 6,398 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in shares of Rackspace Technology by 89.4% during the fourth quarter. MetLife Investment Management LLC now owns 17,539 shares of the company’s stock worth $39,000 after buying an additional 8,281 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Rackspace Technology by 1.6% during the fourth quarter. Invesco Ltd. now owns 610,261 shares of the company’s stock worth $1,349,000 after buying an additional 9,825 shares during the last quarter. 82.48% of the stock is currently owned by institutional investors and hedge funds.

Rackspace Technology Company Profile

Rackspace Technology, Inc operates as a multi cloud technology services company in the Americas, Europe, the Middle East, Africa, and The Asia-Pacific region. It operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. The company provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; professional services related to designing and building multi cloud solutions and cloud-native applications; and managed hosting and colocation services.